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If my car is repossessed what am I liable for?

If my car is repossessed what am I liable for?

When your lender has your car or other property repossessed, it sells the property, usually at auction. If the proceeds from the sale don't cover the total of what you owe to the lender—they rarely do—you might be liable for the balance, called a "deficiency" or "deficiency balance."

  1. What happens if I don't pay repossession?
  2. What are the consequences of having your car repossessed?
  3. What happens if you owe money on a repossessed car?
  4. Can you be sued for car repossession?
  5. Do you have to pay back a repossession?
  6. Do you still owe after a repossession?
  7. Does a Repo affect car insurance?
  8. Is surrendering a car the same as repossession?
  9. How do you get a car back after repossession?
  10. Can you be sued for a voluntary repossession?
  11. What happens if they never repo your car?
  12. How many days do I have to get my car back after repossession?
  13. What happens if I dont pay deficiency balance?
  14. Can you sue for wrongful repossession?
  15. Can I hide my car from repossession?

What happens if I don't pay repossession?

If you stop paying, the lender can reclaim the property. It may choose to sue and get a judgment against you, but it's not required as long as the repossession is peaceful.

What are the consequences of having your car repossessed?

A car repossession could happen if you fall behind on monthly payments. This can hurt your credit for up to seven years. It could also cost you thousands of dollars. Not only could you lose your car, but if the bank resells the vehicle for less than what you owe, you may be held responsible for paying the difference.

What happens if you owe money on a repossessed car?

Repossessions and Chapter 7 bankruptcy

Your personal liability on unsecured AND secured debt will be gone. If you owe money on your repossessed car, this debt will be discharged with the rest of your unsecured debts. It doesn't matter if the repossession happened before or after filing for bankruptcy.

Can you be sued for car repossession?

If your car-loan lender repossesses your car, van, truck, SUV, or other motor vehicle, it might sue you to recover any money you still owe on the loan (called the "deficiency").

Do you have to pay back a repossession?

In most states, you have to pay off the entire loan to get your car back after repossession, called "redeeming" the car. The balance you would need to pay to redeem the vehicle might include extra fees and charges, including repossession and storage fees, and even attorneys' fees.

Do you still owe after a repossession?

If your car or other property is repossessed, you might still owe the lender money on the contract. The amount you owe is called the "deficiency" or "deficiency balance."

Does a Repo affect car insurance?

Repossession and Future Insurance

While it's true that the act of repossession does not affect your insurance company, it will devastate your credit score. Because many auto insurers consider an applicant's credit score when setting their rates, having a bad credit score will mean higher insurance costs.

Is surrendering a car the same as repossession?

Repossession. Surrendering your vehicle and repossession are very similar in financial terms. You are unable to make the loan payments, so the lender is taking the vehicle back. ... For this reason, lenders may consider a voluntary surrender to be slightly less negative than a repossession.

How do you get a car back after repossession?

Often, a bank or repossession company will let you get your car back if you pay back the loan in full, along with all the repossession costs, before it's sold at auction. You can sometimes reinstate the loan and work out a new payment plan, too.

Can you be sued for a voluntary repossession?

Your lender can repossess your car if you don't make payments. You may choose to surrender your car voluntarily instead. Your car will be sold at auction and you'll be liable for the deficiency. You may face a collection lawsuit and wage garnishment for the deficiency.

What happens if they never repo your car?

WHAT IF THE LENDER DOESN'T REPOSSESS YOUR CAR? This means that: You are stuck with it – if the lender doesn't come to pick up the car. You can't sell it – because the lender still has the lien, and selling it would be committing a theft.

How many days do I have to get my car back after repossession?

Typically, you're allowed only 15 days after the repossession to reinstate the loan. If your right of reinstatement is based on the loan agreement, then the time period might be more or less, depending on what the agreement says.

What happens if I dont pay deficiency balance?

If you refuse to pay, the debt will most likely be sold to collections. But either the lender or the collector can choose to file a lawsuit against you, which could result in a wage garnishment, a levy against your bank account or a lien against your other property.

Can you sue for wrongful repossession?

If a car or truck has been wrongfully repossessed, the borrower may have the right to sue the lender and repo agent, even if the borrower missed payments or defaulted in some way.

Can I hide my car from repossession?

Whether you can hide or lock up the car to buy yourself time to pay off the loan depends on where you live. In most states, taking these actions won't violate any laws, unless you do it with the intent to defraud the bank. ... In some states, though, deliberately hiding a car from the repossession company is a crime.

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